Raising the Retirement Age – More Info on That - AMAC & FORBES

Erik Sherman adds here to his previous piece last week in FORBES on what raising the Social Security retirement age actually means. Those who follow reform would tell you changes like this are inevitable. Sherman tackles a number of items here brought up by readers, including illegal aliens and congressional pensions. Both are sore spots with most folks, but neither adds to Social Security’s financial woes. Sherman addresses the pandemic stimulus plans and further clarifies that someone already collecting benefits (perhaps at age 64) would NOT be subjected to any further “cut” should the full retirement age go up. Full piece here.

As an example of the leading thoughts on reforming Social Security, the Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized.  This can be achieved without tax increases by slight modifications to cost of living adjustments and payments to high income beneficiaries plus gradually increasing the full (but not early) retirement age.  AMAC Action, AMAC’s advocacy arm, supports an increase in the threshold where benefits are taxed and then indexing for inflation, and calls for eliminating the reduction in people’s benefits for those choosing to work before full retirement age.  AMAC is resolute in its mission that Social Security be preserved for current and successive generations and has gotten the attention of lawmakers in D.C., meeting with many congressional offices and staff over the past decade. 

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